TPC Group shareholders approve sale to SK, First Reserve

McDonnell: TPC purchase to close by year end. TPC Group (Houston) shareholders voted to approved the sale of the company to First Reserve and SK Capital for $45/share. The deal values TPC at about $890 million, including net debt, as of 30 September 2012. The vote was approved at a special shareholder meeting on 5 December after Innospec and Blackstone dropped a competing $47.50/share bid on 3 December. About 88% of TPC shareholders voted to approve the deal. TPC says that First Reserve and SK Capital have received all needed regulatory approvals, and closing is...

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